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Section 4 – Introduction
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- Section 1
- Section 2
- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
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- Section 1
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- Section 3
- Section 4
- Section 5
- Section 6
- Section 7
- Section 8
- Section 9
- Section 10
- Section 11
- Section 12
- Section 13
- Section 14
- Section 15
- Section 16
- Section 17
- Section 18
- Section 19
- Section 20
- Section 21
- Section 22
- Section 23
- Section 24
- Section 25
- Section 26
- Section 27
- Section 28
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Section Downloads
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Section 4 : Statement of Financial Position
Summary
Section 4 details the information to be included in the statement of financial position/Balance Sheet and how it is to be presented. It applies to all entities that are eligible as a micro entity and that choose to apply the micro companies/entities regime.
What is new?
Schedule 3B of Companies Act 2014 in ROI and Schedule 1 of the Small Companies Regulations in conjunction with Section 4 of FRS 105 only requires the following to be shown as a total figure on the balance sheet with no requirement to include the break up in the notes.
- Called up share capital not paid
- Fixed assets
- Current Assets
- Prepayments and accrued income
- Creditors: amounts falling due within one year
- Creditors: amounts falling due after more than one year
- Provisions for liabilities
- Accruals and deferred income
- Capital and reserves
The required notes as stated in Section 6 are required to be included on the foot of the balance sheet. The layout of the balance sheet and the required notes are significantly different from what was previously required under FRS 102/FRSSE/Old GAAP as these GAAP’s required significantly more detail.
What are the key points?
The statement of financial position which can also be called a balance sheet should be laid out in accordance with the formats as specified under the Companies Act and Section 4 of FRS 105.
Two different formats can be utilised;
- Format as per above; or
- Format showing total assets at the top of the balance sheet and total liabilities, equities and capital at the bottom of the balance sheet.
Additional items can be included in the balance sheet layout however where this is done it must follow the disclosure requirements set out in the small companies regime in Section 1A of FRS 102.
What do accountants need to do?
Be aware of the layout required for the statement of financial position/balance sheet so that financial statements prepared under FRS 105 are compliant.
Advise the client of the changes and assess whether the client feels FRS 105 is appropriate for the company.
What do companies need to do?
Be aware of the layout required for the statement of financial position/balance sheet so that financial statements prepared under FRS 105 are compliant.
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